IMFChiefUrgesPoroshenkotoFollowTermsofUkraine’sLoanProgram

Managing Director of the International Monetary Fund (IMF) Christine Lagarde on Friday urged Ukrainian leadership to follow the terms and conditions of country’s loan program, according to the IMF spokesperson.

WASHINGTON, July 26 (RIA Novosti) – Managing Director of the International Monetary Fund (IMF) Christine Lagarde on Friday urged Ukrainian leadership to follow the terms and conditions of country’s loan program, according to the IMF spokesperson.

"Christine Lagarde, Managing Director of the IMF, had telephone conversations with President Poroshenko and Prime Minister Yatsenyuk today. The discussions focused on the implications of the recent political developments in Ukraine for economic policies, in particular for the authorities ability to implement the program that is being supported by a Stand-By Arrangement,” IMF press service said.

Kiev received the first IMF tranche of $3.16 billion in early May after the fund approved a $17 billion loan to Ukraine in the form of a two-year stabilization program. Ukraine is expected to receive a total of $27 billion from international donors such as the IMF, the World Bank, the US and the EU. From this sum about $14 billion is to come this year.

Despite ongoing political crisis and worsening economic prospects of Ukraine the IMF refused to comment on a possibility of reassessing the loan program.

On Thursday, Ukraine’s Prime Minister Arseniy Yatsenyuk announced his resignation following the collapse of the ruling European Choice coalition in the Ukrainian parliament.